M and s currency

Turkey’s currency fell sharply Monday as the country resumed trading after a weeklong holiday. The lira dropped 3.5% to 6.2964 against the dollar around 8:45 a.m. ET. The currency has shed nearly a third of its value this month, breaching 7 per dollar to a fresh all-time low last week. The lira had already been under significant pressure following the June reelection of President Recep Tayyip Erdogan, who is a proponent of unorthodox policies like cutting borrowing costs amid accelerating inflation. As a rift between Turkey and the US widens, that selloff has accelerated. President Donald Trump doubled existing tariff rates on Turkish aluminum to 20% and on Turkish steel to 50% earlier this month after the two countries failed to make progress on a conflict over the imprisonment of Andrew Brunson, an evangelical pastor who has been detained in Turkey for nearly two years. The Trump administration also imposed sanctions earlier this month on Turkey’s … [Read more...] about Turkey’s currency plunges 3.5% amid ongoing feud between Washington and Ankara

source Getty Images / Mario Tama Global markets are in turmoil on Friday, with a historic plunge in the Turkish lira at the center of the chaos. The lira’s decline caps a week of political news that’s unnerved investors, as the US ramped up sanctions on Turkey and Russia, and the United Kingdom fretted over a no-deal Brexit. US investors shifted focus from strong corporate earnings to the rout in Europe, sending the major stock-market indexes lower. A slew of unnerving headlines all week from the United Kingdom, Russia, and Turkey has culminated in a wild Friday for global markets. Turkey is front and center of the chaos on Friday, with its currency plunging to a record low against the US dollar. A diplomatic tussle between the US and its NATO ally deepened Friday after President Donald Trump said he had authorized the doubling of sanctions on the country’s steel and aluminum. The turmoil in Turkey raised fears over what it … [Read more...] about Global stocks are getting slammed and major currencies are going haywire on a wild Friday in markets

ROME: If Italy leaves the euro, it will be late on a Friday night. Government officials will have planned the move in the utmost secrecy, telling their European partners only that same evening while simultaneously ordering the shutdown of banks and financial markets to prevent a stampede of capital out of the country. This is "Italy's Plan B", an eye-popping contingency scenario drawn up by the team at a website specialising in economic issues, for how the euro zone's third-largest economy should go about returning to the lira if necessary.The 80-page pamphlet was overlooked when it first appeared in October 2015, and would ordinarily have stayed that way.But then one of the best-known contributors to the website, 81-year-old economist Paolo Savona, was put forward last week as a candidate for economy minister under the new anti-establishment coalition between the right-wing League and the 5-Star Movement. The government forged on Thursday has … [Read more...] about Italy’s eurosceptics and their currency ideas take centre-stage

ROME: If Italy leaves the euro, it will be late on a Friday night.Government officials will have planned the move in the utmost secrecy, telling their European partners only that same evening while simultaneously ordering the shutdown of banks and financial markets to prevent a stampede of capital out of the country.This is "Italy's Plan B", an eye-popping contingency scenario drawn up by the team at a website specializing in economic issues, for how the euro zone's third-largest economy should go about returning to the lira if necessary.The 80-page pamphlet was overlooked when it first appeared in October 2015, and would ordinarily have stayed that way.But then one of the best-known contributors to the website, 81-year-old economist Paolo Savona, was put forward last week as a candidate for economy minister under the new anti-establishment coalition between the right-wing League and the 5-Star Movement.The government forged on Thursday has since relegated Savona to the more junior … [Read more...] about Italy’s euroskeptics and their currency ideas take center-stage

The Bank of England left interest rates unchanged at 0.5% on Thursday in its first monetary policy decision of 2018 The rate was widely expected to remain unchanged, although the bank is expected to raise rates once or twice this year. Bank signalled that interest rates could now rise faster and to a greater extent than previously expected. Alongside rate decision, the bank raised its forecasts for the UK’s growth prospects in both 2018 and 2019. LONDON – The Bank of England left interest rates unchanged at 0.5% at the first meeting of its Monetary Policy Committee (MPC) in 2018, it was announced on Thursday. The MPC voted unanimously in favour of leaving rates unchanged. The bank’s quantitative easing programme also remained unchanged, with a cap of £435 billion on its asset purchases. While policy was widely expected to remain unchanged, the bank made clear that it is … [Read more...] about Bank of England holds interest rates and upgrades UK growth forecasts